Nacco Industries has rejected reports that its materials handling division will move its south-east Asian headquarters from Sydney, Australia, to Shanghai, China.

Nacco investor relations manager Ira Gamm said Nacco Materials Handling Group planned to increase its investment in Shanghai, but "there was never any mention or agreement by Nacco officials to move its regional headquarters".

Nacco chief executive Alfred Rankin and other company officials met government officials in Shanghai this month, but the future of the Sydney operation was not discussed, Ms Gamm said.